Canada-based uranium exploration and development company Denison Mines has discovered a uranium mineralization on its Waterbury Lake project.


Image: Summary plan map of the GB and Oban trends. Photo courtesy of CNW Group/Denison Mines Corp.

The Waterbury Lake project is located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada

The company has intersected basement-hosted uranium mineralization in two drill holes, nearly 3km northeast of the project’s Huskie zone.

According to Denison, the uranium mineralization is contained within a 60 to 80 metre wide package of highly structured and strongly altered graphitic basement rocks.

Denison exploration vice president Dale Verran said: “These drill holes were designed as an initial test of a geological concept – that high-grade uranium mineralization occurs at the intersection of the interpreted regional Midwest structure with cross-cutting, graphite-bearing, structural corridors, as evidenced by the occurrence of the J Zone and Roughrider deposits and the Huskie zone.”

Located nearly 1.5km to the northeast of the property’s J Zone uranium deposit, the Huskie zone that consists of high-grade basement-hosted uranium mineralization was discovered by Denison during the summer of 2017.

Starting in late-July, the company’s summer 2018 exploration program at Waterbury Lake consisted of 3,315 metres of diamond drilling in seven completed holes.

The firm said: “The program was focused on drill testing regional exploration targets related to the interpreted Midwest structure and additional step-out drilling down-dip and up-dip of the Huskie zone.”

Covering 40,256 hectares, the Waterbury Lake property is jointly owned by Denison with 65.45% stake and Korea Waterbury Uranium Limited Partnership with 34.55%, through the Waterbury Lake Uranium Limited Partnership.

Besides, Denison owns 63.3% stake in the Wheeler River project, a major undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin region.

Covering about 320,000 hectares, Denison’s Athabasca Basin exploration portfolio includes numerous projects.

The company holds a 22.5% ownership stake in the McClean Lake joint venture , which includes several uranium deposits and the McClean Lake uranium mill, which currently processes ore from the Cigar Lake mine.